Islamic accounts (swap-free) are available for Brazilian traders who wish to trade EUR/USD without overnight financing fees, in compliance with Sharia law. Several brokers from the list offer Islamic accounts:
Pepperstone provides swap-free accounts for all clients upon request,
AvaTrade offers dedicated Islamic accounts with no swap charges,
Exness has a swap-free option for certain regions,
XM Group provides Islamic accounts with zero swap on all instruments,
Fusion Markets offers swap-free trading on request,
OctaFX has Islamic accounts for qualifying clients,
HotForex HFM offers swap-free accounts,
Vantage provides Islamic accounts,
eToro does not charge swap for positions held less than one day but has overnight fees otherwise, and
FBS offers swap-free accounts. For EUR/USD, swap fees (long or short) are calculated as the interest rate differential between the euro and US dollar, typically ranging from -0.5 to -5 pips per day depending on the broker and direction. In Brazil, where USD deposits are common, a $10,000 EUR/USD position held overnight might incur a swap of $0.50-$2.00 USD. Islamic accounts waive these fees, but some brokers may charge an administrative fee after a certain holding period (e.g., 10 days). Always confirm with the broker that the Islamic account meets your trading frequency needs, especially for swing traders holding positions through the 13:00-16:30 UTC+0 window.